LL: “Is fashion doing it’s job in looking to move forward.”
SC: “Fashion is constantly moving forward & using tons of tech, they just don’t promote it through boring products like all these tech nerds”
“We don’t need to focus just on product.” LG “Wearables is just answering one thing”
“Once tech allows us to do something we couldn’t do before, then it will start to be interesting for fashion designers. We embrace tech when tech becomes interesting enough to embrace” SC
My take: fashion brands are reactionary, not innovators & leaders.
“what are the bigger bets we’re going to make? And then go for it” FH
LL: we’re seeing a golden age of transition across these
One of the biggest places is in infrastructure –
Do existing companies get phased out? Then totally replaced by this new generation of innovative infrastructure brands?
“under-leveraged asset : billions of photos on social media.” FH
“If we could please use technology to make fashion a little more responsible– work on that” SC's call to action.
Still no one has figured out the mobile web. LG Forget about the bigger screens, focus on the mobile web.
“You have to be where the customer is” “there’s no greater antithesis to luxury than not giving the customer what she wants when she wants it.” LG
Two biggest issues: “what to I wear today?” and fit
Better than a fit algorithm is having an effective return policy. SC
LL – completely disagrees because the reverse logistics issues is hugely complex and expensive
The opposite of fit is customization.
“But given the options available to us now, yes I understand you have to optimize the reverse logistics.” LL
predictions for 5 years:
SC “no more ugly, please"
Virtual reality – practical applications FH
LL – the epic demise of all large retailers - the next 5-10-20 years is about startup brands who can create something unique, hold up that dialogue and scale that dialogue.
“If I could be anywhere I’d be a great product producer.” Lawrence Lenihan
"How do you protect yourself from a bear? You just have to run faster than your friend." On hw to manage your online presence and privacy
Protect your brand- read the ownership policies of the companies / content platforms / who owns the content? Who owns the customers?
Eventually you can own your own audience so that the data isn’t sold and shared with competitors
1,000,000 hacker budget
Consumer lifestyle, product, engagement
8.4% luxury pop up retail increase by next year (8 billion $/yr industry)
71% of consumers want brands to treat/activate their imagination
STORY (making things)– a reatail store that reinvents itself over an again.
Ephemeral retail- product as content
Pop up store solves a lot of issues – maybe it’s the future for small brands unless you have the overhead to invest in a store as technologically infused as the Rebecca minkoff, for example. Retrofitting later on might not feel as ‘invisible’
Think about the end goal of the brand or that time period.
Does this pop-up event create an experience worthy of instagram/twitter?
Pop up allows a mega corporation to break away from the logistical limitations of doing something in-house. Gives you confidence to go faster in expanding and distributing a brand or reaching a new audience.
The challenge for mainstream retailer is to continue to find ways to connect the consumer to the brand. WAS brand first, product second. NOW item to item – no brand loyalty, but platform loyalty.
“The way we use the physical space will continue to evolve” MG
Ryan Mathers – writer who coined the term “the instavidual,” meaning we are all different people many times during the day. You can’t any longer target a massive broad demographic. You have to think about the evolution of the individual throughout the day.” JB